Science Backed by Data[Nifty Series]: Nifty target 10355-8thJun

Hi Friends,
Let's Learn and Earn. Elliot wave mostly if identified correctly helps in discovering important psychological levels.
NIFTY Second waveform is in progress and wave 5 looks to be starting on it. Today's NIFTY retracement is beautifully mapped on 15min Chart for your consumption.

Time in Bars - Wave - Coordinates - Actual Length of Wave
wave 0 9843.8
44 wave 1 10156.65 312.85
21 wave 2 9958.35 198.3
39 wave 3 10322 363.65
20 wave 4 10161.85 160.15
? wave 5 10474.7 312.85

Wave 5 target has various ways for calculations. Some of the most popular 5 ways to calculate 5th wave of Elliot Wave are used in below table for your reference.
Wave 5 Targets

• 61.8% of wave1-3 --10264.0
  
• 61.8% of wave1 --10355.2 (Golden ratio) We are picking this as Target.
  
• 161.8% of wave 4 --10421.0
  
• Equal to Wave 1 --10474.7
  
• 123.6% of wave 1 --10548.5
  

Calculated Time for reaching target is 10:45 AM for 10June20

Now time for some Learning. 3 Most Important rules of Elliot wave are
• Wave 2 can’t retrace more than the beginning of wave 1
• Wave 3 can not be the shortest wave of the three impulse waves, namely wave 1, 3, and 5
• Wave 4 does not overlap with the price territory of wave 1 (Mostly overlooked).
Even if one of the above rule is invalidated, you should not assume wave's to be correct.


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Comment:

Our June17-19 Target 10616 for Nifty is published in Other Analysis here. It achieved first target today.

Comment:

First Target given for wave 5- 10264. We ideally want to close in on 10355 target.